How the role of the CFO is affected by the digital revolution

Business companies are a bit uncertain about improving the technologies especially those who got used to the authentic Dotcom bubble rush.

Nowadays, we are witnessing a crack created by technology in the business world. Apple, Facebook and Uber are very successful companies which work is based on technology and they adapt to all the changes. However, smaller businesses, like old supermarkets, try harder to accept the new technologies to ensure continuity.

Whether you accept it or not, every business including everyone who works within this business, should accept technology and be braver than before. Most importantly, the CFO and the entire finance team are also required to evolve technologically.

As per a study, half of the employees in a business believe that using technology will help them provide the customers with a better and faster service. If companies don’t rush to dive into the digital world neglecting its impact on the business, they will fail.

Some people believe that the digital world makes the business less personal; however, it helps an employee to access the data and connect with the customers. Therefore, CFOs should not neglect the numeral technological conveniences.

The best advice here is to keep working with your numbers but it is also very important to remain connected to your customers at the same time. The data you have will help you understand your customers and be aware of their needs.

A study has shown that customers hate answering so many questions and fill in poorly constructed surveys. It is catastrophic when the data is weakly analyzed, and this is the main reason why CFOs job becomes highly important.

CFOs and the broader finance function play a role in helping to benefit from the digital technology; they also help in understanding and championing how this connection is beneficial for the business.

It is very well know that, the changing needs of a customer and how a company reacts to them is important. However, today a company should know how the customers would use the technology, what they want in a service and the best markets that welcome this new technology.

The chief role of a finance department, in addition to changing, is developing or expanding. The numbers will always remain important for the CFOs and the shareholders. However, the digital option should not be abused because it may cost the company a lot and that should be avoid.

Future digital CFOs must be aware of how technology would shape and enhance the business, despite the size, scale or sector.